Core Acquisitions Purchases Rice Lake Square Shopping Center in Suburban Chicago for $34.2 Million

by Hayden Spiess

Wheaton, Ill. — Core Acquisitions has purchased Rice Lake Square, a 251,584-square-foot shopping center located in the Chicago suburb of Wheaton, for $34.2 million. Developed in 1989 and renovated in 2011 and 2019, the property is anchored by Pete’s Fresh Market, Studio Movie Grill and PetSmart. Additional tenants at the center, which was 76 percent leased at the time of sale, include Massage Envy, Orangetheory Fitness, Potbelly Sandwich Shop, Men’s Wearhouse, Xfinity and Taco Bell. Rick Drogosz of Mid-America Real Estate Corp. represented the undisclosed seller in the transaction. Old National Bank provided acquisition financing. Core Acquisitions will provide property management services on behalf of the buyer. Mid-America Asset Management, which has handled leasing at the property for 20 years, will continue to serve as the leasing agent.  

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